Selling came after the National Association of Realtors said existing home sales rose 1.1% in March

The yield on the 10-year U.S. Treasury note approached 3% Monday, hitting a multiyear high as investors bet that a pickup in inflation and economic growth would erode the value of government debt.

The yield on the benchmark 10-year note, which influences borrowing costs for consumers, corporations and local governments, rose for a fourth straight session, reaching as high as 2.996% in early trading before settling at 2.973%—its highest closing level since January 8, 2014. The yield was 2.949% Friday. Yields rise as bond prices...